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Aker Solutions got off to a disappointing start in 2013

Aker Solutions has decided to disclose preliminary information on its performance in the first three months of 2013 as the results considerably lag current consensus market estimates.

Major Norwegian maritime service company Aker Solutions expects a revenue of USD 1.90 billion and earnings before tax, impairments, and amortisation (EBITDA) of USD 149 million, reports Aker Solutions in a statement on Mondaý as results are expected to be significantly lower than current analyst estimates.

"The earnings were impacted by increased costs at the Ekofisk Zulu platform project as work was accelerated to ensure the platform will be transported from the Egersund yard to the Ekofisk field in mid-June and start producing oil by October 2013. Extra work caused by quality issues related to cables delivered by a sub-supplier also increased the project's costs. Aker Solutions' Maintenance, Modifications and Operations (MMO) business area manages 60 percent of the project, while the company's Engineering business area manages 40 percent. The final project result will depend on bonus payments triggered by timely delivery, start-up of the platform and the final settlement with the customer," writes Aker.

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